EFG Hermes Saudi concludes Alkhorayefs $144mln IPO on Tadawul

ArabFinance: Egyptian Financial Group Hermes Holding (EFG Hermes) (HRHO) announced completing advisory on Alkhorayef Water & Power Technologies (AWPT) $ 144 million (EGP 2.26 billion) initial public offering (IPO) on the Saudi Stock Exchange (Tadawul), according to the companys statement on March 1^st.

EFG Hermes KSA acted as bookrunner and underwriter on the IPO.

AWPT, a subsidiary of the Alkhorayef Group Company, begins trading on March 1^st under the stock symbol 2081.

Alkhorayef Group sold 7.5 million shares in AWPT to investors in the transaction, representing 30% of AWPTs share capital, at SAR 72 per share (EGP 301.98 per share).

The successful conclusion of the Alkhorayef Water & Power Technologies IPO is part and parcel of our strategy to leverage our market-leading book-building and advisory services to gain a further foothold in Saudi Arabia, Mohamed Fahmi, Co-Head of Investment Banking at EFG Hermes, commented.

Established in 1991, AWPT is the leading operations and maintenance provider for water, wastewater, and integrated water services in Saudi Arabia, with 54 projects across the Kingdoms provinces.

EFG Hermes reported a 19% Year on Year decline in its consolidated net profit during the first nine months of 2020, recording EGP 839.83 million, compared to EGP 1.03 billion in the same period of 2019.

EFG Hermes has a presence in the United Arab Emirates, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan. It operates under the following segments: holding and treasury, brokerage, asset management, investment banking, private equity, leasing, microfinance, and assets held for sale.